Business

HARARE – Mobile money transfers are increasingly suffocating the traditional banking sector due to the provision of low-cost extensive services reaching Zimbabwe’s most remote parts, a financial services research firm has said. Oxlink Capital (Oxlink) says the introduction of mobile money services’ low entry barriers has witnessed over 25 000 mobile money agents being established…

HARARE – Zimbabwe’s economy is expected to grow by one percent this year, on the back of a sustained liquidity crunch and under performance in all economic sectors, the World Bank has said. In its Global Economic Prospects June 2015 Sub-Saharan Africa growth trend released this week, the Bretton Woods institution forecast Zimbabwe’s gross domestic…

HARARE – Disgruntled Tetrad Investment Bank (TIB) depositors have formed a trust probing the struggling institution for a forensic audit, it has emerged. The trust, which seeks to understand the reasons behind delays in securing an investor for the bank, wants a forensic audit into the activities of the bank, its associates as well as…

HARARE – The Agricultural Rural Development Authority (Arda) has secured an investor for a tomato processing project earmarked to process at least 60 tonnes of tomatoes per day, businessdaily has learnt. Basil Nyabadza, Arda chairman, said the multi-million dollar tomato canning plant would be established at Arda Balu Estate in Umguza District. “We have now…

HARARE – The newly-appointed National Social Security Authority (Nssa) board must balance the organisation’s investment portfolio by including more infrastructure projects and employment creation opportunities while minimising exposure on capital markets, a top government official has said. Prisca Mupfumira, Labour minister, on Friday told the new board members that Nssa’s investment policy has to be…

HARARE – Zimbabwe’s sole fixed telecommunications company, TelOne, is planning to partner mobile network operator, NetOne, as part of efforts to offer mobile platform services. TelOne, which has been unable to utilise its mobile telecommunications licence granted in 2011 due to financial constraints, hopes to ride on the back of the country’s second largest mobile…

HARARE – PPC Zimbabwe’s operational performance is being buoyed by increased infrastructure projects in the country, a company top official has said. Njombo Lekula, PPC Zimbabwe managing director, told South African investors recently that there is a renewed focus by government to revamp the nation’s infrastructure that deteriorated in the last decade. “What is opening…

HARARE – Zimbabwe risks losing more than $42 million in revenue through leakages from clearing agents lodging false Removal in Transit (Rit) declarations through Beitbridge Border Post (Beitbridge), a latest report from the Auditor General reveals. In her latest narrative report on State Enterprises and Parastatals for 2014, Mildred Chiri, the Auditor General, said between…

HARARE – Zimbabwe has given telecommunications companies, including mobile network operators (MNOs), a 90-day ultimatum to conclude and launch an infrastructure sharing framework, a top government official has said. Supa Mandiwanzira, Information and Communication Technology minister yesterday said telecommunications sector players must come up with a framework on infrastructure sharing before government can adopt it…

HARARE – Zimbabwe’s economy remained in a fragile state this week as a Cabinet reshuffle by President Robert Mugabe failed to calm investors’ nerves set on edge by a black economic empowerment drive, the acceleration of de-industrialisation and informalisation of the economy. Despite the 91-year-old president reshuffling his cabinet on Monday for the second time…